Feed Enzymes Market size was valued at USD 1,745.7 million in 2022 and is expected to grow at a CAGR of 8.3% from 2023 to 2029. The global market provides a detailed overview and that can be segmented by type of enzyme, by source, and by Species. By type of enzyme, the Feed Enzymes market growth has been segmented into Phytases, Carbohydrases, Proteases, and Others. The Carbohydrases segment is likely to be the largest and fastest-growing segment in terms of the type of enzyme. The rise of this segment is mainly due to the extensive applications in the animal feed business owing to its special characteristics, for instance, providing huge energy and assisting in expanding starch digestion in monogastric animals, which are driving the feed enzyme market growth in this segment. Based on the Source, the Feed Enzymes market is segmented into Animal, Plant, and Others. Among these, the Others segment is expected to have the fastest-growing market during the forecast period 2023-2029. Microorganisms remain to be appropriate and prominent hosts for the manufacture of industrially important and stable feed enzymes. Enzymes obtained from microorganisms are tremendously important in the manufacture of animal feed.
Molecular technologies such as genomics and metagenomics are currently being used to determine microbial enzymes, which are utilized in the animal feed industry to enhance feed quality. Based on the Species, the Feed Enzymes market is segmented into Poultry, Swine, Aquatic animals, and Others. The Swine segment is expected to have a significant share in 2021. The rise of this segment is mainly because they are incapable of digesting all parts of their diet completely. Consequently, specific enzymes like protease, carbohydrase, and phytase are essential to add to the feed to assist them in breaking down complex proteins, carbohydrates, and phytates which are anticipated to drive the feed enzyme market share in this segment. By region, the North American market is expected to witness the highest market share during the forecast period.
Feed Enzymes Market Key Development:
In February 2020, BEC Feed Solutions launched a new manufacturing facility to expand its Carole Park location In January 2022, BASF expanded the production capacity of its enzymes plant in Ludwigshafen, Germany.
Fastest Growing Market
The growing demand for animal-based food products, along with rising concern about animal health, are anticipated to propel the market growth over the forecast years. Moreover, increasing demand for higher nutrient feed is burgeoning the market growth over the forecast years.
BASF introduced Natupulse® TS which is an innovative feed enzyme to reveal valuable nutrients
In February 2022, Kerry acquired Enmex and cLEcta in order to expand its knowledge, technology portfolio, and production ability
Difficulty in the hydrolysis of cellulose and the advanced inclusion rates of enzymes
the invention in phytase production manufacturers and the growth in the high research and developments thermostability and investments of enzymes